Answer:
$1,213.14
Step-by-step explanation:
You are going to want to use the compound interest formula, which is shown below.
[tex]P(1+\frac{r}{n} )^{nt}[/tex]
P = initial balance
r = interest rate
n = number of times compounded annually
t = time
Now lets plug in the values into the equation:
[tex]500(1+\frac{.0444}{12})^{20(12)}[/tex] = 1,213.14
Your answer is $1,213.14.
